Government blacklists 75 companies in South Africa, and over R6 million paid to 2 ministers for the same job while one sits at home
The rand edged higher on Tuesday, supported by firmer commodity prices, while investors looked ahead to the Federal Reserve’s policy meeting for clues on the future direction of US interest rates.
The rand was trading at 16.6150 to the dollar, about 0.2% stronger than its previous close. South Africa’s key export commodities gained, with gold rising 0.9% to $4,051.78 per ounce.
Markets are awaiting the Fed’s policy decision today. Traders are pricing in about an 11% chance of a rate hike this week and an 82% chance of a December increase, according to the CME’s FedWatch Tool.
The South African Reserve Bank’s leading business cycle indicator rose 1.1% month-on-month in August, pointing to an improvement in economic activity.
On the Johannesburg Stock Exchange, the Top-40 index closed up 0.6%. South Africa’s benchmark 2035 government bond was also firmer, with yields falling 5.5 basis points to 8.58%. [Reuters]
On Wednesday, 28 October 2026, the rand was trading at R16.67 to the dollar, R22.16 to the pound, and R18.53 to the euro. Gold is trading at $4,036.88, while oil prices are at $115.6 a barrel.
5 important things happening in South Africa today
Government blacklists 75 companies in South Africa: Public Works and Infrastructure Minister Dean Macpherson has confirmed that the Construction Industry Development Board (CIDB) has resolved to remove 13 construction companies from the National Register of Contractors, following findings of misrepresentation in their applications to upgrade their registration grades. This brings the number of contractors removed to 75 in just over two years. [Engineering News]
Over R6 million paid to 2 ministers for the same job: Senzo Mchunu has cost taxpayers a reported R8.89 million while sitting at home on special leave. This includes R3.16 million for his remuneration, R2.7 million for his lawyers and R3.02 million for the acting Police Minister. [Newsday]
New R528 million private hospital: A new R528 million private hospital, Baywest Acute Hospital, is being developed next to Baywest Mall in Gqeberha. Baywest Acute Hospital will initially have 120 beds, five operating theatres and a 24-hour emergency unit. Its capacity could eventually increase to 216 beds and eight operating theatres. [Daily Investor]
Weather warning escalated to level 4: The South African Weather Service (SAWS) has escalated the severe weather warning issued for KwaZulu-Natal to level 4, while a level 2 warning remains in place for multiple other provinces. [BusinessTech]
Nyati said he was wrong about André de Ruyter: Eskom chairman Mteto Nyati said that he was wrong about André de Ruyter when he told President Cyril Ramaphosa that the former Eskom CEO was a good fit for the state-owned company’s leadership. [MyBroadband]
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